Allianz Hungária's revenue from premiums fell to HUF 85.2 billion in the first half from the same period a year earlier.
Operating profit came to HUF 5.5 billion for the period; however, excluding the extraordinary financial sector tax, operating profit would have risen by HUF 800 million over the base period to HUF 9.9 billion, CEO Péter Kisbenedek said in the statement.
Excluding the effect of the sectoral tax, Allianz Hungaria's asset and accident insurance arm had operating profit of HUF 8.3 billion, up 20.4%. With the tax, operating profit fell 33% to HUF 4.6 billion.
Tough competition and a contracting vehicle market caused revenue from premiums for general insurance policies to fall 15.7% to HUF 56.2 billion. Still, the company guarded its place as market leader with 27.3% market share, according to data from the Hungarian insurers association Mabisz.
Revenue from premiums for life and health insurance dropped to HUF 29 billion from HUF 35.6 billion because policies with one-time premiums generated less revenue. Operating profit of the segment fell to HUF 900 millio from HUF 2.1 billion because of the sectoral tax.
Most of the assets of Allianz Hungária's private pension fund, some EUR 1.4 billion, was transferred to the state in Q2, after members opted to return to the state pension pillar. Assets of the fund fell to HUF 23.9 billion as just 11,115 members remained.
Assets in Allianz Hungaria's voluntary pension fund edged down just under 1% to HUF 112.7 billion. The fund had 224,549 members at the end of March, making it the second biggest player on the market.